In the spring of 2014, KPMG International surveyed global insurance clients and delegates of the International Insurance Society conference held in London. Our research indicated that, to date, insurers have largely embraced digital capability as a supplement to existing customer service channels. However, the research also clearly identifies an aim by those surveyed to use digital technology to drive transformational change, provide opportunity for sustainable differentiation, and increase sales considerably.
Yet around the world we still see many insurers and intermediaries focused on product and channel silos, facing significant challenges from legacy systems rather than unlocking value for customers and investors. This suggests the need for more than digital transformation. Such a transformation represents a massive cultural change.
The infographic below highlights our survey findings, and illustrates some of the challenges and opportunities as insurers and reinsurers embrace new technologies and leverage the vast amounts of data now available.
Research conducted globally May through July, 2014.